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It can cost a pretty penny to fill your gas tank. And if you’ve got far to go to get to and from work every day, you might find yourself filling up at the pump more often than you’d care to, which can put a big dent in your pocketbook.
Luckily, there are rewards credit cards out there that can help you save money on something you’d be spending money on anyway.
That said, some cards may be better suited for saving at the pump than others. Let’s take a look at some of the top-ranked credit cards for gas in Canada to help stretch your dollar when you fill up.
Best Credit Cards For Gas In Canada
|Gas Earn Rate||Interest Rate||Annual Fee|
|CIBC Dividend Visa Infinite||4%||Purchase rate: 19.99%|
Cash advance rate: 22.99% (21.99% for Quebec residents)
|$120 (waived the first year)|
|Tangerine Money-Back Credit Card||Up to 2%||Purchase rate: 19.95%|
Cash advance rate: 19.95%
|American Express Gold Rewards Card||2 points per $1 spent||30% on balances (since this is a charge card)||$150|
|TD Cash Back Visa Infinite Card||3%||Purchase rate: 20.99%|
Cash advance rate: 22.99%
|$120 (waived for the first year)|
|Scotiabank Gold American Express||3 points per $1 spent||Purchase rate: 19.99%|
Cash advance rate: 22.99%
CIBC Dividend Visa Infinite
The CIBC Dividend Visa Infinite Card offers an attractive cash back program, especially at the pumps. Earn 4% on eligible gas and grocery expenditures, which is among the highest rates you’ll find in a credit card.
Plus, you’ll earn 2% cash back on dining, transit, recurring bills, and 1% on all other purchases.
New cardholders will receive 10% cash back on all eligible purchases made within the first 4 statements on purchases up to $2,000 spent. And the annual fee is waived for the first year. Plus, the card comes with a variety of insurance products for added protection.
- Annual fee: $120 (waived the first year)
- Purchase rate: 19.99%
- Cash advance rate: 22.99% (21.99% for Quebec residents)
- Welcome offer: Get 10% cash back on eligible purchases made within the first 4 statements
- Rewards: Earn 4% on gas and groceries; 2% on dining, transit, recurring bills; 1% on all other purchases
Tangerine Money-Back Credit Card
Many rewards credit cards come with an annual fee, though some fees are waived over the first year for new clients. But the Tangerine Money-Back Credit Card offers rewards on money spent without an annual fee at all.
With the Tangerine Money-Back Credit Card, you can earn up to 2% cash back in 2 categories of your choosing, including gas. So, if you choose gas as one of the 2 categories available to you, you can earn 2% cash back every time you fill up your gas tank, with no limits on the amount of cash back you can earn.
Other categories available to earn 2% cash back include:
- Recurring bills
- Hotel accommodations
You can get a third category if you deposit your cash back rewards in a Tangerine Savings account. On all other purchases, you can earn 0.50% cash back.
And if you’re interested in transferring any high-interest credit card balances over to the Tangerine Money-Back Credit Card, you can take advantage of an ultra-low interest rate of only 1.95% in the first 6 months, as long as you transfer the funds within the first 30 days of having the card.
- Annual fee: $0
- Purchase rate: 19.95%
- Cash advance rate: 19.95%
- Welcome bonus: 1.95% interest rate on transferred balances for the first 6 months
- Rewards: Earn 2% cash back in 2 categories (including gas); 0.50% cash back on all other purchases.
American Express Gold Rewards Card
The American Express Gold Rewards Card makes an excellent choice in gas cards thanks to its decent cash back rate for every dollar you spend on gas expenditures. Plus, every time you use the card, you can rack up your Aeroplan points, if you’re a member. If you so choose, you can transfer the points earned to your Aeroplan program, as well as other travel plans.
Earn 2 points for every dollar you spend on gas, groceries, pharmacy purchases, and travel. Then, earn 1 point for every dollar spent on all other purchases. You can also earn 1 additional point for every dollar spent on eligible car rental or hotel bookings charged to your American Express Travel when booked through AmericanExpress.ca/travel.
As a new cardholder, you’ll receive a bonus of 25,000 Amex Reward Points when you spend at least $1,500 on the card within the first 3 months. That’s a value of $250 in airfare. Plus, the card comes with an attractive insurance package.
It should be noted, however, that American Express is not as widely accepted as Visa or Mastercard, so be sure the pumps you usually fill up at take AmEx before you apply.
- Annual fee: $150
- Interest rate: 30% on balances carried, as this is a charge card
- Welcome bonus: 25,000 Membership Rewards points
- Rewards: Earn 2 points for every $1 spent on gas, groceries, pharmacy purchases, and travel; 1 point for every $1 spent on all other purchases
TD Cash Back Visa Infinite Card
With the TD Cash Back Visa Infinite Card, you can earn 3% cash back on eligible groceries, gas purchases, and recurring bill payments. That’s a decent rate and a lot higher than some of the rates offered by many other cash back credit cards available.
For all other purchases made on the card, you can earn 1% cash back. It should be noted that points earnings are limited to $15,000 annually.
Plus, the annual fee is waived for the first year, and you’ll have an array of travel medical insurance products available to you.
- Annual fee: $120 (waived for the first year)
- Purchase rate: 20.99%
- Cash advance rate: 22.99%
- Rewards: Earn 3% cash back on groceries, gas purchases, and recurring bill payments; 1% cash back on all other purchases
Scotiabank Gold American Express
For every dollar you spend when filling up your gas tank using the Scotiabank Gold American Express, you can earn 3 points.
With this card, you’ll earn 5 Scotia Rewards points on every dollar spent on eligible groceries, restaurants, food delivery, and entertainment. Then, earn 3 points per dollar spent on gas, transit, and eligible streaming services (including Netflix). For all other purchases, you’ll earn 1 point per dollar spent.
As a welcome bonus to entice you to become a member, you can earn 25,000 bonus Scotia Rewards points when you spend $1,000 within the first 3 months. That’s a value of up to $250 in travel.
There are no foreign transaction fees charged when you use your Scotiabank Gold American Express to make purchases in other currencies, whether because of travel or when shopping online. This can save you 2.5% on purchases made. The card also comes with several insurance coverage products to keep you safe.
Again, because this is an American Express card, you’ll want to verify that it’s widely accepted among the merchants that you typically spend with.
- Annual fee: $120
- Purchase rate: 19.99%
- Cash advance rate: 22.99%
- Welcome bonus: 25,000 Scotia Rewards points with $1,000 spent within the first 3 months
- Rewards: Earn 5 Scotia Rewards points on every $1 spent on eligible groceries, restaurants, food delivery, and entertainment; 3 points per $1 spent on gas, transit, and eligible streaming services; 1 point per $1 spent on all other purchases
Factors To Consider When Getting A Credit Card
Before applying for a points-based credit card, assess the following factors.
Is the annual fee worth the perks that come with the card? You might be earning points with every dollar you spend, but are you saving at least as much as the annual fee? If not, it may be worth it to look at lower-fee or no-fee cards that offer cash back programs without the high price. Further, the annual fee will only be worth it for you depending on the amount you spend overall, not just on gas.
If you have a habit of carrying a balance from month to month, you may want to look for a credit card that charges a competitive interest rate so you’re not spending more than you need to.
Credit card issuers usually offer a welcome bonus to encourage consumers to apply for their credit cards. Some offers are too good to pass up, especially those that offer thousands of extra points right out of the gates, which can be worth a few hundred dollars when redeemed.
The rewards structure is a critical factor to consider when applying for any points-based credit card. The more points you can earn per dollar spent, the better.
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Looking out for your best interest
Which is the best credit card for gas in Canada that has no annual fee?
Can I earn more points if I use a points program card?
What credit score do I need to get the best credit card for gas?
Every rewards-based credit card tends to favour one type of purchase over others. While some credit cards may be better suited for those who travel frequently thanks to their travel perks, for instance, others may be more geared towards buying groceries or spending on entertainment. The cards mentioned in this article are best suited for those who want to maximize their dollar on expenditures made at gas pumps. That said, they also offer the ability to earn points towards other purchases, making them well-rounded cards to consider adding to your wallet.
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